Money School Bonus Episode: Crypto

This week's Money School, we have some extra footage from Mara Hall live on the streets of Tulsa. In addition, we bring back our crypto expert, Chris Duffus, an experienced financial technology entrepreneur and founder and CEO of Fonbnk, Inc.

Chris educates us on how to get started in the crypto space. He tells us the difference between bitcoin, ethereum, alternative coins, and various apps that can help you get started in investing in crypto.

Host IG: @itstanyatime

Correspondent: @mara_hall

Guest IG: @cduffus

Guest Website: Fonbnk

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Episode Transcript

Speaker 1 (00:00):
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. This week, we're gonna
be talking about actually investing in cryptocurrency. So let me

(00:22):
start this off with if you were a teenager in
the nineties or you're a teenager in the nineties, and
I know you know what Fubo was. It was the
thing for us, by us, Fubu. When we think a
black investor success, Damon John, one of the founders of Fubou,
is one of the people we think of. You've probably

(00:43):
seen him on Shark Tank and he has made millions
from angel investments. When we imagine the type of successful
black investors we want to be, it is easier for
us to envision what it means to invest in a
business or even stocks, because we can directly see what
our investment is backing the laptops we work on, the

(01:04):
phones we buy, the shoes and nikes on our feet.
And yet cryptocurrency is a little more difficult to wrap
our heads around because we struggle to see what it
is we're really investing in. To find out what it
is that people truly need to know and how to
dispel any misconceptions. And Miss, we have our lovely Miss
Mara Hall that went to the streets of Tulsa, Oklahoma

(01:24):
to ask you all your pressing and burning questions and
get down to the truth. Let's see what they're saying. Hi,
maraw Hall here with the Money Moves Podcast live from Greenwood.
We're here on the streets of Greenwood and we want
to see what the people have to say. Let's see

(01:45):
how their money is moving for them. The questions I
have about cryptocurrency is how can it be beneficial to
me as an entrepreneur and a small business owner, and
how can it help others in terms of building our
community so that we can be more um small businesses
that grow into large corporations. I imagine that cryptocurrency can

(02:07):
be useful to small businesses. I think because the way
in which it's bought, it can be bought and traded.
It's it's not regulated in the same ways, and again
I'm guessing doesn't require some of the same mandates in
order to participate. For me personally, I'm really fascinated in

(02:29):
this idea of what it might mean to do like
a black coin or like a black black chain, and
to create a currency that is meant to circulate in
the black community. And then uh, you know it has
some some smart contract element that's tied to it to
where it will only be usable at black businesses, And

(02:49):
I think that's really powerful. The questions I have about
cryptocurrency would be number one, how can I inherit it
to my family without no hassle or worry about any
third party hands involved with the inheritance. I do not
know how people use cryptocurrency. What is cryptocurrency, how is
cryptocurrency used, and what is it used for? So to

(03:13):
help us start understanding what it means to invest in cryptocurrency,
let's welcome back. Christian duffis the founder and CEO of
the blockchain based financial technology venture Phone Bank. Chris, thank
you so much for joining us today. Let's go. How
do I even begin to choose the right cryptocurrency to
begin investing in? Another great question? Um, you know the

(03:40):
the rally is there's only two coins that as a
novice you should even consider. Okay, that's Bitcoin and Etheria. Right. Um, Bitcoin,
as we talked about earlier, it's digital gold. You should
probably hold a little bit of whatever value you want
to allocate crypto in Bitcoin, and then the lens in ethereum,

(04:01):
and then from ethereum. Uh, you can then consider what
are called coins or alternative coins, and many of them
are actually based on the Ethereum protocol, so you kind
of ethereum to actually buy them anyway. Okay, so this
makes sense. Bitcoin, I think if it as my gold,
so it's almost like your traditional investing avenue. And then Ethereum,

(04:25):
which is more of like talk a little bit to
me more about Ethereum. It's like this financial basis that
all the other coins are sort of built on. Yes,
I mean it's it's programmable money, and so in many
cases it might even act as like your your key
or your basic admission. So for example, there's you know, uh,

(04:47):
some of these n f T sites, NBA top shop,
or you know, you want to buy some art, well
you have to attach uh link your Ethereum wallet to
even acces us that. Wow, okay, this makes sense. Okay,
So going back again, now we've got Bitcoin, which was
pre existing before ethereum. Is that true? Correct? And now

(05:10):
you have Ethereum and you know, I've been looking, I've
been digging into cryptocurrency, and I see the value of bitcoin.
I mean today, I think it's up to fifty five
sorry UMT and ethereums kicking around around three or four.
If I wanted to make a safe bet and invest in.
One of the things I've learned about cryptocurrency is I

(05:30):
don't need fifty five thou dollars to buy a bitcoin.
I can buy a piece of bitcoin, which I think
is really great to allow people to enter into the market.
You've only got a thousand dollars you can buy, you know,
a decimal point of bitcoin? Is it up? Is it? Um?
Doesn't make sense if I'm looking at ethereum now and

(05:50):
you know it's market cap has a longer a greater
delta to go. So I might actually make more money
buying ethereum now and holding that for ten years than bitcoin.
Is that true? Can I? Is it safe to say that, well,
prior performance is not indicative of future results. That that said,
you know, uh, cryptocurrencies and the blockchain, as I indicated before,

(06:15):
it's like in the first inning of a nine inning
you know game, and so it's just the beginning, so
you know what I what I would say rather than
sort of pick a particular um coin or UH, I
might approach it with a really simple strategy that even
Warren Buffett would agree with. It's called dollar cost averaging. Okay,

(06:41):
you put in a little amount, you know, And going
back to that example of how I even got into it,
like how much would you spend on a bar tap, right,
you know? And these are things, you know, how much
would you spend on a cup of coffee? Right? And
these are things that you probably could stand to lose,
you know. And you know, if you're if you're everything

(07:01):
about buying a lot of your ticket, maybe you should
buy you know, a big you know, a part portion
of a bitcoin or etherorium. And there as I indicated
their services like the round up your spare change apps
like round le x that that could facilitate this and
O by the way, they work with existing exchanges like
coin bas or Voyage or you know, what have you

(07:24):
in terms of um UH setting up these processes so
it's all automated in the in the background. I really
like that um the round up Savings um app. Okay,
Chris again, can you tell me what's the easiest way
to get started in investing in cryptocurrencies? Well, I think
you open up an account with an exchange. UM, there

(07:48):
are many different services, but you want to potentially choose
the ones that gives you the most options in terms
of the coins that you want to buy, whether it
be bitcoin, etherorium or what have you. And as you
educate yourself more UM that you don't have to UH
open up a new type of account to continue to

(08:08):
make these purchases or investments and that provide sort of
full features and UH security as well as education in
the process. You know that brings to mind a really
great question for me. Okay, number one, it's like, how
do I start investing in cryptocurrency? But how do I
typically take my money out of cryptocurrency? Is this Is

(08:28):
it as easy as it is to put it in? Uh?
It actually is, UM, but it also depends on sort
of the what are the on ramps and off ramps offered? Right?
UM Crypto is one of those crazy things where there
are people that literally live in this whole digital world
and may never you know, got got early bitcoins or ethereums,

(08:52):
and so now have all this money that they may
never even need to take out. That being said, UM,
you know there there are different exchanges and platforms that
allow you to literally link your debit card or bank
account UM, you know, to buy purchase crypto, and then
in the same way, you can reverse that by selling

(09:14):
your crypto for cash and then sending it back to
your bank account cash cash cash assets assets assets. With that,
thank you very much, Chris. That was incredibly inspiring. I mean,
and your conversation and knowledge on cryptocurrencies UM has really
been so beneficial to so many of us. Thank you
so much for tuning in Money Moves audience. If you

(09:35):
want more or a recap of this episode, please go
to the bank Greenwood dot com and check out the
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